Caterpillar Inc. reported record first-quarter 2004 sales and revenues of $6.47 billion and record first-quarter profit per share of $1.16.
Sales and revenues of $6.47 billion were up 34% compared to $4.82 billion in the first quarter of 2003.
Profit of $412 million or $1.16 per share was up $283 million compared to $129 million or $0.37 per share in the first quarter of 2003.
"We have made tremendous productivity gains in the last few years, and we continue to benefit from a lean and efficient workforce," said Caterpillar Chairman and CEO Jim Owens. "In our previous outlook, we expected sales and revenues to increase about 12% and profit per share to be up about 40% compared to 2003. We now expect sales and revenues to increase about 20% and profit per share to be up 65 to 70% compared to 2003," Owens said.
Included in this outlook are worldwide machine price increases of 2 to 3% that have been communicated to dealers with an effective date of July 1, 2004.
The outlook also factors in a timely ratification of a new 6-year labor agreement between Caterpillar and the United Auto Workers.
"We have made solid progress in our negotiations with representatives of the United Auto Workers, resulting in a contract offer that is fair to all employees. Our priority, as it always has been, is to continue to supply and support our customers and dealers," said Owens.
Sales and revenues of $6.47 billion were up 34% compared to $4.82 billion in the first quarter of 2003.
Profit of $412 million or $1.16 per share was up $283 million compared to $129 million or $0.37 per share in the first quarter of 2003.
"We have made tremendous productivity gains in the last few years, and we continue to benefit from a lean and efficient workforce," said Caterpillar Chairman and CEO Jim Owens. "In our previous outlook, we expected sales and revenues to increase about 12% and profit per share to be up about 40% compared to 2003. We now expect sales and revenues to increase about 20% and profit per share to be up 65 to 70% compared to 2003," Owens said.
Included in this outlook are worldwide machine price increases of 2 to 3% that have been communicated to dealers with an effective date of July 1, 2004.
The outlook also factors in a timely ratification of a new 6-year labor agreement between Caterpillar and the United Auto Workers.
"We have made solid progress in our negotiations with representatives of the United Auto Workers, resulting in a contract offer that is fair to all employees. Our priority, as it always has been, is to continue to supply and support our customers and dealers," said Owens.
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